Investors should take a second look at the oil and gas exploration company Ovintiv , according to Citibank.
Ovintiv's stock collapsed earlier this year and is down near 12%, underperforming the S & P Oil & Gas Exploration & Production ETF which is up 2% for year.
Citi believes Ovintiv's performance in early 2024 will improve with the investment bank putting oil and condensate production 2% above consensus estimates.
Ovintiv's production plateau will rise after assessing performance on wells acquired in the Midland acreage earlier this year, according to Citi.
Meanwhile, Citi downgraded APA Corp, an oil and gas company with a similar market cap to Ovintiv.
Persons:
Scott Gruber
Organizations:
Citibank, P Oil & Gas Exploration, Citi, APA Corp, APA
Locations:
Midland, Egypt